Paying off debts 'more poplar than saving' says Ark Financial Planning

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Paying off debts 'more poplar than saving' says Ark Financial Planning

Chartered financial planner for Ark Financial Planning Philip Stevenson believes that while once getting into debt was considered to be a relatively normal and manageable move, it is now becoming a greater worry for many.

"We are in a position now where people are more concerned with paying off debt rather than saving," he said.

This is a far cry from previous years, when our culture demonstrated a more nonchalant attitude towards debt and is a much more practical approach to take, Mr Stevenson stated.

He continued: "What's the point in getting one per cent interest on your savings, when you're paying 18 per cent on your credit card bill?"

A survey undertaken recently by Nationwide found that 56 per cent of consumers think saving is a good thing, while just 16 per cent said saving in the current climate is a good idea.

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